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NIFTY--Retracement or Reversal ?? The price has exhibited significant bullish momentum starting from the 19,200 levels. However, before attempting to challenge the bearish gap left at the all-time high (ATH), it's likely to experience retracements towards previous resistance levels. Should these resistance levels fail to sustain upward pressure, a notable bearish reversal could become apparent. Following a period of strong bullish movement, the price appears to have entered a ranging phase. During this phase, it may be prudent to consider short positions, anticipating the possibility of price offering discounts before potentially resuming its upward trajectory. If retracement failed, they will take the price entirely to the bottom side...keep safe before long. Reversal may occur.
NSE:NIFTY
by IIT-Trader
3
NIFTY--08/09/23I am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements. Support levels are price points where an asset tends to find buying interest, preventing it from falling further. Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher. Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies. Trade safe...Thank you guys for your support.
NSE:NIFTY
by IIT-Trader
9
Nifty 50 for 9/6/2023Hello Traders, Hope you're well. Today, buying options, especially Puts, was tough as the market made three peaks and premium prices dropped fast. Even if you were right about the direction, it was hard to hold onto your trade. Earlier, we pointed out that 19,230 was a good buying area, and it turned out right. We saw a 350-point rise from there. Many expected the market to go below 19,230, but it surprised us by going up to 19,574.50. What's next? Read below. Support Areas for Nifty 50: Two buying zones to watch are around 19,482 to 19,452. Wait for the market to hit these levels before buying. Aim for 19,527 and 19,562 with a stop loss below 19,445. Be patient and don't rush into trades. If Nifty goes under 19,440, be prepared for a drop to 19,260. Resistance Areas for Nifty 50: The high today was 19,587, a strong resistance. We think the market might return to these levels to shake out sellers and attract new buyers. If Nifty goes above 19,587 and then drops back down, consider buying Put options (PE) with a stop loss at the highest point of that drop. This could result in an 87-point move to 19,500. Personal Opinion: While we've given different scenarios, our personal view is that if the market stays above 19,600 for a whole day, it could aim for 20,000 soon. Many traders are still ready to buy Puts, and sentiment remains unchanged. Please note that I am not a SEBI registered advisor, and these trades are for educational purposes only. We recommend focusing on intraday trades and avoiding holding positions overnight.
NSE:NIFTY
by kIRANANGARKAR
NIFTY--Consolidation + Bullish ??Nifty index, After breaking a trendline failed to move upside.... Now after 3 successive gap ups price tested the support again and showing us strong bullish in action. multiple times price taken the reversal from 19500 levels... this level is failed to take the price downside... If this strong bullish momentum will clears an obstacle to reach the bearish gap left @19750 levels... then will soon that level be tested. If price opens up and may continue upside... or if price may gives us some retracement to 19380-19360 levels will look for long , gives us discount. Its already giving discount after 3 successful gap ups, saying I am bullish we have resistance @ 19600 may gives us pullback if it is a bullish scenario. this is the only shortcut way to reach the resistances again... If we see at 19300 levels price consolidation + moving upside means a chance of bearish again...keep safe before long after these resistances. will see in the next session what happens...
NSE:NIFTY
by IIT-Trader
2